AG vs EXK: Correlation
Measured on weekly returns over the past three years, First Majestic Silver Corp. (AG) and Endeavour Silver Corporation (EXK) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and EXK?
Over the past 3 years, AG and EXK moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 4412.8 %².
In AG's tracked universe of 27 assets, EXK sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months AG outperformed by 49.7 percentage points (+139.9% for AG against +90.2% for EXK).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AG vs EXK: side by side
| AG (First Majestic Silver Corp.) | EXK (Endeavour Silver Corporation) | |
|---|---|---|
| 1-year return | +139.9% | +90.2% |
| 5-year return | +74.1% | +146.7% |
| Volatility (ann.) | 70.1% | 74.1% |
| Beta vs S&P 500 | 1.45 | 1.93 |
| Max drawdown (3Y) | -53.0% | -51.3% |
| Market cap | $10.7B | $3.3B |
| P/E (trailing) | 30.2 | 53.8 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | EXK |
|---|---|---|
| 2022 | -24.7% | -23.2% |
| 2023 | -26.0% | -39.2% |
| 2024 | -10.5% | +85.8% |
| 2025 | +204.1% | +156.8% |
| 2026 | +30.7% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and EXK good diversifiers for each other?
No. With a correlation of 0.85, AG and EXK move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AG and EXK?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.91 over the last year and 0.85 over 5 years.
Is EXK a good diversifier for AG?
No. With a correlation of 0.85, AG and EXK move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AG correlations · EXK correlations
